House Buying - Moneysaving Tips

fellwalker09

It's not easy trying to decide where to start with offers on houses. I'm looking at one now and the house down the road was up at £135,000 in early 2011. It sold in July 2011 for £112,500. That's something like a 17% reduction. In fact, several years ago, I think around 2005, I lived in Devon and a friend bought a place and got £30,000 reduction. The property market is not in a good place now and it is even better for negotiating. I wonder if a good place to start is perhaps as low as 20% below an asking price. Then at least you work upwards towards your affordable limit. I'm hoping to get this house for a minimum of 10% less -that will in fact be the max I can afford to pay anyway so fingers crossed. (and that will be 20 k off)

domusaurea

Hi guys,
The property/flat we would like to buy is in North London and on the market for 410k. It is a leasehold and was sold in Jan 2008 for 356k. Doing my research online I learned that the maximum value the property acquired during last 3 years would be a maximum of 15k. (356 plus 15= 371k).
Would it be fine to put an offer at 370K or do you think they wouldn't consider it?

adindas

If people get accepted of attractively priced with the following condition:
- Need to use the Sellers Mortgage agent
- Need to us the sellers solicitor

My question is:
What is the possible pitfall of this ....
I know it uncommon but how often the people do this ?

Texas_Renters

Thank a lot for sharing this valuable information because we are searching an new home for 3 months and just now we got finalized obeying your tips i was to able to bargain my new home and got lot on profit form this thanks a lot for saving my money and also my home.

bunnydrumming

I've wanted to buy a house in my village for a year or so now but nice properties don't come up that often. I viewed a house on saturday morning @ £285000 (4 bedrooms). They bought house for £231000 in 2005 and have since then extended into and above garage to add fab kitchen, downstairs loo and shower, bigger upstairs bathroom and master bedroom.

Anyway - really not sure what to offer - thinking that £260000 would be a bit low to start even though it is better then 10% off asking price. FAmily have had 3 previous offers fall through because of chains - i'm not in a chain and nor are they so that should improve my position but don't want to offend them by low offer

My lovely but maybe out of date dad is saying i should start with offer of 270 and aim to pay about 275 but isn't that too much!

by the way the house is in great shape, beautifully decorated, good garden and has an ago (i love the idea of an aga even though i know they can be expensive!)

robatwork

What have other houses in the same street gone for? (Mouseprice)

Offend them - it's not likely they will be so offended that they will turn you down if you raise your offer. Everyone knows it's a game....

DarrenL

The other alternative is to avoid an estate agent and buy a repossessed property or distressessed property direct from the bank

1trainer1

FTB here and have rung EA to open renegotiations and they have asked for paperwork (survey reports and quotes) to back my position. Is this common practice and acceptable?

silkcutblue

@DarrenL. Most banks offload via estate agents, though, don't they? (just what I thought so I'm not super wise on the subject)

Another quick question. I've been viewing areas and from one EA I've seen a lot of, "£120-150k"

What is the estate agent actually saying here? Is it: it'd fetch about £150k in a good market but something from £120k onward might secure you the property.

Or is £120k the point at which a FTB would go, "let's take off 15% and make that my first offer"

I find the whole thing confusing so any light on the matter is happily accepted.

BARNEYB_2

Hi I am new to this site so hope I am posting in the right place.

We are in the process of selling our house and have just gone on the market this week. We have already found a house we wish to purchase. The property is on for £220,000 but needs a lot of updating and new bathroom. It was lived in by and older lady who has died and her son is selling it so there is no chain on the property.

We had a second viewing on Fri to assess the amount of work that needs to be done so we could agree an offer that reflects this. We decided to offer £202,000 as it needs the work and we felt it was over priced compared to other houses at £220,000 in the village.

We really want this house ( my husband us a builder so can do all the work) and we want to move to the new area for schools so need advice on how we should play our next move...

We are on the market and photos being finalised next week, we have final mortgage meeting this saturday coming to provide evidence for mortgage in principle. The agents selling our house recon it will sell within 4 weeks as we have completely renovated house for sale.!

We made an offer on the house we want on saturday of £202,000 which was rejected via voicemail, the EA said the vender is willing to go below the asking price but that offer was a little low and to call back if we want!to revise the offer. From previously talking to the agents they have only had one other offer from a cash buyer but it was way below asking price ( not sure if this was made up though!)!

We love the house but are on a tight budget as it needs a lot of work doing to it so we want to save as much as possible in the offer we make so that there is monet left to do the house up.!

Our thoughts were to hold off making another offer until we had got the mortgage finalised and had a couple of viewings ( maybe evenn until we had sold) so we are in a better bargaining position and then go back in with a £205,000/ £206000 offer. (pray somone else doesnt make an offer in meantime). Should we do this, it might make them sweat abit but could lose the house as well? It has been on since christmas so not been snapped up yet? !Anyone out there have any advice would be gratefully received!!!